Subsequent Events

3 Months Ended

Mar. 31, 2023

Note 8.

Subsequent Events

The Company’s management has evaluated subsequent events through the date of issuance of these financial statements and has determined that there are no subsequent events outside the ordinary scope of business that require adjustment to, or disclosure in, the financial statements other than those disclosed below.

On April 6, 2023, the Company submitted a tender offer to purchase up to 5.0% of the Company’s Common Shares outstanding as of March 31, 2023 (approximately 518,626.05 Common Shares) that are tendered by Shareholders by 11:59 p.m., Eastern Time, on May 4, 2023 and not withdrawn. No shareholders have tendered by the deadline.

On April 20, 2023, KLCC SPV GS1 LLC, a Delaware limited liability company and newly formed subsidiary of the Company, entered into a Credit Agreement (the “Secured Credit Facility”) with Goldman Sachs Bank USA. The maximum principal amount of the Secured Credit Facility as of April 20, 2023 is $300 million, which can be drawn in U.S. dollars subject to certain conditions. For more information on the Secured Credit Facility, refer to the Company’s Form 8-K as filed with the SEC on April 25, 2023.

On May 9, 2023, the Board of Trustees declared a distribution of $0.30 per share for the first and second quarter of 2023, payable on June 15, 2023 to shareholders of record on May 9, 2023.